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The chassis was significantly altered from the 248 F1, the car Ferrari used during 2006 to finish as runners-up to Renault in the constructors' championship. The wheelbase is 85mm longer, from 3050mm to 3135mm, with the extra length added between the cockpit and front wheels, in order to maximize aerodynamic performance.[3]

The gearbox itself, which is still mounted longitudinally, is fitted with an innovative quick-shift system (seven plus reverse). The suspension adopts a zero-keel configuration, a first for Ferrari.[3] The dropping of the single-keel is most likely due to the departure of previous designer Rory Byrne, whose previous, ultra-successful designs (notably his championship-winning Ferrari and Benetton cars) all featured a single keel.

Ferrari were the only team to receive tobacco sponsorship for the 2007 season. The team's principal sponsor is Philip Morris International, parent company of Marlboro cigarettes.[4] However, in order to circumvent the European tobacco advertising ban, the car's livery did not feature the brand name. A simple red and white "barcode" was used and, hence the advertising at European Grands Prix was purely through association. In countries that allow tobacco sponsorship, Ferrari used 'Marlboro' logos.

The livery featured significantly less white than in previous years. The cars, driven by Felipe Massa and Kimi Räikkönen, raced with the numbers 5 and 6 respectively as the team finished second in the 2006 constructors championship. Ordinarily, this would mean numbers 3 and 4 for the following season but owing to World Champion Fernando Alonso changing teams to McLaren, Renault received these numbers as Fernando Alonso took his number 1 (and thus, number 2) to his new team.

At the Monaco Grand Prix, Ferrari changed the colour of their cars from Marlboro (light) red to a slightly darker and more metallic red, and kept it for the duration of the season.[5][6]